Search form

Search form

Policymakers are trying to broaden the scope of the European Market Infrastructure Regulation, causing tension. Such action would bolster competition among exchanges for derivatives trading and could affect the value of a proposed merger of NYSE Euronext and Deutsche Boerse.

Related Summaries

The Commodity Futures Trading Commission is writing rules for the massive over-the-counter derivatives market, prompting concerns among insiders. Derivatives executives are voicing concern that the CFTC will hinder swaps trading and drive the market to other countries with looser regulation. CME Group CEO Craig Donohue told participants at the 36th Annual International Futures Industry Conference last week that the CFTC is "lapsing into bad habits of prescriptive types of regulatory initiatives."

Policy-makers are trying to broaden the scope of the European Markets Infrastructure Regulation, causing mounting tensions. Such action would bolster competition among exchanges for derivatives trading and could affect the value of the NYSE Euronext-Deutsche Boerse merger.

The White House is vetting Mark Wetjen, a staff member of Sen. Harry Reid, D-Nev., for nomination to the Commodity Futures Trading Commission, Financial Times reported. Wetjen is seen as a front-runner to succeed Democratic CFTC Commissioner Michael Dunn, who is retiring. Market observers are watching the choice of Dunn's replacement as the CFTC scrambles to write numerous rules.

A federal judge has sentenced Sergey Aleynikov, formerly a computer programmer at Goldman Sachs Group, to more than eight years in prison. Aleynikov was previously convicted of stealing proprietary source code from Goldman. Prosecutors had asked for as long as 10 years, while probation officers had recommended two years. The case put a spotlight on the world of algorithmic trading.

Joaquin Almunia, competition commissioner for the EU, said regional regulators are expected to seriously scrutinize the proposed merger of Deutsche Boerse and NYSE Euronext. Meanwhile, NYSE Euronext Chief Financial Officer Michael Geltzeiler said discussions with regulators about the proposed takeover are "going well." He also said that NYSE doesn't see its Liffe derivatives platform as competition to the Eurex market of Deutsche Boerse.